I went to a baby shower today. Looking around the room, most people were in their mid 30s - early 40s, with small children. Conversations came up around real estate and the mortgage market, something else came to mind that most of these people probably don't see - the connection between their mortgages and their plans on college education funds for their children. People asked me what are the rates? Will they go down or up? When should they refinance? While these are important question, the other important questions I would like to ask my clients are: what is your overall financial goal(s)? What kind of college saving plans do you have?
You see, it's all about cash flow management and the optimization of your available resources. Most people want to pay down their mortgages, and then save for college funds using after their after tax dollar. But what if we re-position your equity so that you can maximize the benefit of mortgage interest deduction while having more available funds to invest and save for college funds?
As a Certified Mortgage Planning Specialist, we help clients with running scenarios and evaluate various options. There is no fixed formula as each person/family has their unique needs and goals. If you are wondering what it would take to save for college and having affordable mortgage payments, give us a call.
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